Idaho Code § 26-1202(1) states, “no person may advertise or transact business in this state under a name or title that contains the word ‘bank,’ ‘banker,’ ‘bancorp,’ ‘savings bank,’ ‘trust company,’ or a word or words of similar import, unless the person has been granted a charter to engage in banking or trust business in this state by the director, or unless the director has granted the person a waiver from this prohibition as set forth in this section.”
Idaho Code § 26-1202(2) states the “prohibition shall not apply to a … state-chartered bank or trust company located in another state that has obtained all approvals that may be required under the law as a prerequisite to doing business in this state.”
Idaho Code § 26-1202(3) states, “the director may grant a waiver to allow the use of the word “bank,” “banker,” “bancorp,” “savings bank,” “trust company” or a word or words of similar import if:
- The person is not engaged in banking or trust business;
- The name or title used is not likely to deceive or mislead an individual to believe that the person is engaged in banking or trust business;
- The name or title, or a name or title similar to it, is not already used by another person doing business in this state; and
- The name or title does not suggest or imply that the person is engaged in unlawful conduct.
Idaho Code § 26-2107 states, “Any person, corporation, copartnership or association, except a credit union organized under the provisions of this chapter…using a name or title containing the words ‘credit union’ or any derivation thereof…shall be fined…”
Waiver Request Form
If the Secretary of State’s office has notified you that you need a letter from the Department of Finance granting a waiver to use the word “bank”, “bancorp”, “trust company”, or “credit union” in your company name, or if you have been directed to this site after speaking with a representative in our office, please complete the form below and email it to us at FIB@finance.idaho.gov.